PhireLink, a leading rural broadband infrastructure provider, today announced it has entered into a definitive agreement to acquire Spectracomm, Inc. (“Spectracomm”) and its wholly-owned subsidiary, Arkwest Communications (“Arkwest”), an Arkansas-based telecommunications provider with a 100 percent fiber-to-the-premise network spanning more than 900 route miles. The purchase will further add to PhireLink’s growing portfolio of rural and tier-two broadband operations across Louisiana, Colorado and Kansas.
“This acquisition marks a key milestone in our growth journey as we enter the Arkansas market, and I am pleased to partner with a company led by the Sanders family whom I have known and respected for many years,” said Glen F. Post III, Chairman and CEO of PhireLink. “Arkwest’s extensive, fiber-based network, strong financial profile, experienced employee base, and deep community ties formed over several generations of local family ownership, make it the ideal launching point for PhireLink’s planned rural-based, broadband expansion strategy across central and broader Arkansas.”
Arkwest has been serving communities across western Arkansas since its founding as Yell County Telephone Company in 1939. The carrier utilizes third-generation GPON fiber technology providing multi-gigabit-per-second symmetrical upstream and downstream broadband speeds to customers across the entirety of its footprint. Spectracomm’s chairman, Todd Sanders, stated, “The company is extremely proud of its reinvestment in the communities it serves, particularly as the 100 percent fiber network was created, not with grants, but entirely by internally-generated cash flows.” Mr. Sanders continued, “Our family is ready for a new chapter and knows that our company of more than 85 years is in great hands with the continuing service of exceptionally strong employees and the stewardship of leaders from PhireLink who have a long history of investing in rural America.”
The financial terms of the acquisition were not disclosed. The transaction is expected to close during the second quarter of this year and is subject to regulatory approval and customary closing conditions. Arkwest will continue to operate as Arkwest Communications following closing.
Kean Miller LLP served as PhireLink’s primary legal counsel on the transaction, and Strategies Law Group, PLLC provided key counsel on regulatory matters. Charlesmead Advisors, LLC, served as exclusive financial advisor to Spectracomm and Friday Eldredge & Clark LLP acted as legal counsel.
